Sportradar Group AG (SRAD) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Sportradar second quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Sportradar 2025 年第二季財報電話會議。此時，所有參與者都處於只聽模式。（操作員指示）

Please be advised that today's conference is being recorded. I'd like to hand the conference over to your first speaker today, Jim Bombassei, SVP and Head Investor Relations. Please go ahead.

請注意，今天的會議正在錄音。我想將會議交給今天的第一位發言人，高級副總裁兼投資者關係主管 Jim Bombassei。請繼續。

Thank you, operator. Hello, everyone, and thank you for joining us for Sportradar's earnings call for the second quarter of 2025. Please note that the slides we reference during this presentation can be accessed via the webcast on our website, investors.Sportradar.com, and will be posted on our website at the conclusion of this call. A replay of today call will also be available on our website.

謝謝您，接線生。大家好，感謝您參加 Sportradar 2025 年第二季財報電話會議。請注意，我們在本次演示中引用的幻燈片可以透過我們網站 investors.Sportradar.com 上的網路廣播訪問，並將在本次電話會議結束時發佈在我們的網站上。今天的通話重播也將在我們的網站上提供。

After our prepared remarks, we'll open the call to questions from analysts and investors. In the interest of time, please limit yourself to one question and one follow-up. Please note that some of the information you will hear during our discussion today will consist of forward-looking statements, including without limitation, those regarding revenue and future business outlook.

在我們準備好發言之後，我們將開始回答分析師和投資人的問題。為了節省時間，請限制自己只問一個問題和一個後續問題。請注意，您在我們今天的討論中聽到的一些資訊將包括前瞻性陳述，包括但不限於有關收入和未來業務前景的陳述。

These statements involve risk and uncertainties that may cause actual results or trends that differ materially from our forecast. For more information, please refer to the risk factors discussed in our annual report on Form 20-F and Form 6-K filed today with the SEC along with the associated earnings release.

這些聲明涉及風險和不確定性，可能導致實際結果或趨勢與我們的預測有重大差異。欲了解更多信息，請參閱我們今天向美國證券交易委員會提交的 20-F 表和 6-K 表年度報告以及相關收益報告中討論的風險因素。

We assume no obligation to update any forward-looking statements or information we speak as of the respected dates. Also during today's call, we will present IFRS and non-IFRS financial measures and operating metrics. Additional disclosures regarding these measures and metrics, including a reconciliation of IFRS to non-IFRS measures are included in the earnings relief supplemental slides in our filings with the SEC, each of which is posted to our investor relations website. Joining me today are Carsten Koerl, our CEO, and Craig Felenstein, our CFO.

我們不承擔更新截至相關日期的任何前瞻性陳述或資訊的義務。此外，在今天的電話會議中，我們將介紹國際財務報告準則和非國際財務報告準則的財務指標和營運指標。有關這些措施和指標的額外揭露，包括 IFRS 與非 IFRS 措施的對賬，都包含在我們向美國證券交易委員會提交的文件中收益減免補充幻燈片中，每份幻燈片都發佈在我們的投資者關係網站上。今天與我一起出席的還有我們的執行長 Carsten Koerl 和財務長 Craig Felenstein。

Now I'll turn the call over to Carsten.

現在我將把電話轉給卡斯滕。

Good morning, everyone and thank you for joining us today. We are excited to report another quarter of strong execution and performance. We delivered all-time record quarterly revenues, up 14% year over year, once again demonstrating the strength and durability of our business. Our performance underscores our position as a mission critical partner deeply embedded in the global sports ecosystem.

大家早安，感謝大家今天加入我們。我們很高興地報告本季又取得強勁的執行力和業績。我們實現了歷史最高的季度收入，年增 14%，再次證明了我們業務的實力和持久性。我們的表現凸顯了我們作為深植於全球體育生態系統的關鍵任務夥伴的地位。

Despite ongoing volatility in the broader economy, our model continues to deliver consistent growth on both top and bottom lines. Revenue growth is what was broad based across both products and regions. At the same time, our focus on efficiencies and driving increased operating leverage translates to expanding margins and robust cash flow generation.

儘管整體經濟持續波動，我們的模式仍能實現營收和利潤的持續成長。收入增長是跨產品和跨地區的廣泛增長。同時，我們專注於提高效率和推動增加經營槓桿，從而提高利潤率和產生強勁的現金流。

Looking ahead, we see continued strong operating momentum for the remainder of the year. And given this confidence, we are raising our full year outlook. The durability of our results is driven by our long-term growth strategy anchored on the core pillars we outlined at our Investor Day. First, we are uniquely positioned to capitalize on the rapid expansion of the global sports betting market, given our scale, including the depth and breadth of our sports content, premium products, and deep client relationships.

展望未來，我們預計今年剩餘時間的經營動能將持續保持強勁。基於這種信心，我們上調了全年預期。我們業績的持久性是由我們的長期成長策略所驅動的，該策略以我們在投資者日概述的核心支柱為基礎。首先，憑藉我們的規模（包括體育內容的深度和廣度、優質產品和深厚的客戶關係），我們擁有獨特的優勢，可以利用全球體育博彩市場的快速擴張。

Second, we are driving higher pay rates by growing our products and content penetration across our client base as we continue to accelerate innovation and bring next generation products to the market that enhance our clients' business. Third, we're looking at new revenue streams by expanding into adjacent markets where we can leverage our existing capabilities and expertise.

其次，隨著我們不斷加快創新並將下一代產品推向市場以增強客戶業務，我們透過增加產品和內容在客戶群中的滲透率來提高薪資率。第三，我們正在透過擴展到鄰近市場來尋找新的收入來源，我們可以在這些市場中利用我們現有的能力和專業知識。

Finally, we continue to invest in innovation and remove growth barriers, applying our cutting-edge technology and AI capabilities to help us further scale our growth of our business efficiently. Turning to market growth, we continue to benefit from the underlying expansion of the global sports betting markets both in the US and internationally.

最後，我們繼續投資創新並消除成長障礙，運用我們的尖端技術和人工智慧能力來幫助我們進一步有效地擴大業務成長。談到市場成長，我們繼續受益於美國和國際體育博彩市場的潛在擴張。

This quarter we saw growth of 30% in the US and 9% in the rest of the world, reflecting strong market fundamentals in all regions. Since the legislation of the US sports betting in 2018, the market has grown from approximately $300 million in GGR to nearly $14 billion last year. This is providing a strong and reinforces the significant opportunity. Global market growth has also benefit from the number of sports matches available to bettor.

本季度，美國成長了 30%，世界其他地區成長了 9%，反映出所有地區市場基本面強勁。自2018年美國體育博彩立法以來，該市場已從博彩總收入約3億美元成長至去年的近140億美元。這提供了強大且強化的重大機會。全球市場的成長也受益於可供投注的體育比賽數量的增加。

Our growth is also being driven by deepening relationships with our clients as we move them up our content and product value chain. Today, 40% of our clients take four or more sport rated products. This gives us a significant opportunity to further embed ourselves in their operations and increase our take rate. Our content portfolio, with over 1 million matches annually across more than 85 sports, gives us the scale and flexibility to help clients optimize performance and unlock incremental value.

隨著我們不斷提升客戶的內容和產品價值鏈，與客戶的關係也不斷加深，也推動了我們的成長。如今，40% 的客戶購買四種或更多種運動級產品。這為我們提供了一個重要的機會，讓我們進一步融入他們的營運並提高我們的利潤。我們的內容組合每年涵蓋 85 多個運動項目的 100 多萬場比賽，這為我們提供了規模和靈活性，可幫助客戶優化績效並釋放增量價值。

Our clients are increasingly adopting higher value, highly immersive, engaging products which are helping to foster more in play betting. In our core betting business, our managed trading service, or MPS continues to see strong momentum with turnover growth of 23-year-old to date. This growth in turnover has been driven by increased adaptation of MPS by our clients as well as growth in the sports we manage on the platform.

我們的客戶越來越多地採用更高價值、高度沉浸式、引人入勝的產品，這有助於促進更多的遊戲投注。在我們的核心博彩業務中，我們的託管交易服務（MPS）繼續保持強勁勢頭，迄今為止營業額增長了 23 年。營業額的成長得益於客戶對 MPS 的適應性增強以及我們在平台上管理的運動項目的成長。

In 2024, we signed over 50 new sports books on MPS. In going forward, we have a robust pipeline of additional sports books that will join the platform. In terms of our sports coverage on MTS since 2018, we've added 70 sports growing from approximately 355,000 annual events to nearly 900,000 events in 2024, 150% increase.

2024年，我們在MPS上簽署了50多本新的體育書籍。展望未來，我們將有大量的體育書籍加入平台。就我們自 2018 年以來在 MTS 上的體育賽事報道而言，我們增加了 70 項體育賽事，從每年約 355,000 場賽事增長到 2024 年的近 900,000 場賽事，增幅達 150%。

Our foresight streaming product is also gaining traction, especially in fast-paced sports like tennis and table tennis. A recent case study with automatic as gold brand demonstrated the 30% uplift in turnover for sides covered events. In 2025, we have increased tennis coverage for adding the ATP 500 and ATP 250 events to our existing coverage of ATP Masters, finals, and Nextgen [bats].

我們的前瞻性串流產品也越來越受歡迎，尤其是在網球和乒乓球等快節奏的運動中。最近的一項關於自動黃金品牌的案例研究表明，側面報道活動的營業額增加了 30%。2025 年，我們將增加網球報道，在現有的 ATP 大師賽、總決賽和 Nextgen 報道基礎上，增加 ATP 500 和 ATP 250 賽事[蝙蝠]。

In total, we offer four sides for up to 1,750 ADP matches this year. And since April we have provided for side coverage across our full portfolio of UTR pro tennis tour matches. By the end of 2025, we will have offered foresight across at least 14,000 UTR matches. Micromarkets are another exciting opportunity for better and for Sportradar.

今年我們總共提供四支球隊，最多可進行 1,750 場 ADP 比賽。自四月以來，我們開始為 UTR 職業網球巡迴賽的全部比賽提供側報。到 2025 年底，我們將為至少 14,000 場 UTR 比賽提供預測。微型市場對於 Sportradar 來說是一個令人興奮的機會。

We expanded our micro market offering from the NBA and ATP to now Major League Baseball and the WNBA. Where adaptation by batters has been rapid during the NBA playoffs, we launched eight additional micro markets compared to the regular '24, '25 season, resulting in a significant increase in micro market batting tickets and turnover per game during the playoffs on our NPS.

我們將微型市場範圍從 NBA 和 ATP 擴展到現在的美國職棒大聯盟和 WNBA。由於 NBA 季後賽期間擊球手的適應速度很快，與常規的 24、25 賽季相比，我們推出了 8 個額外的微型市場，導致季後賽期間微型市場擊球票數量和每場比賽的營業額在我們的 NPS 上顯著增加。

We are also continuing to involve commercial models to closely align with our client needs, which is further enhancing our sport and product penetration. In today's competitive market, operators need to be increasingly agile in order to grow their business. We are addressing this challenge by providing them with the flexibility to dynamically adjust their sports and product mix through the life of the contract, helping to maximize their business and our revenues.

我們也將繼續採用商業模式來緊密結合客戶需求，從而進一步提高我們的運動和產品滲透率。在當今競爭激烈的市場中，營運商需要變得更加敏捷才能發展業務。我們正在應對這項挑戰，為他們提供靈活性，使他們能夠在合約有效期內動態調整其運動項目和產品組合，從而幫助他們實現業務和收入的最大化。

I'm also excited to highlight the strengthened partnership with the German Bundesliga Soccer League, where we are rolling out a new wave of in play products and enhanced peering experience solutions to entertain the league's more than 1 billion global fans.

我也很高興強調與德國足球甲級聯賽中加強的合作夥伴關係，我們正在推出新一波的比賽產品和增強的對等體驗解決方案，以娛樂該聯賽全球超過 10 億的球迷。

Bundesliga is now benefiting from our cutting-edge generations with the addition of live player markets which is expected to unlock 240 new betting opportunities per match, but products like foresight streaming in our live match tracker will significantly enhance the live betting experience.

德甲現在受益於我們尖端的技術，增加了現場球員市場，預計每場比賽將釋放 240 個新的投注機會，但我們的現場比賽追蹤器中的預見性串流等產品將顯著增強現場投注體驗。

This enhancement strengthens our soccer offering and reinforces our position as leading supplier of soccer batting content for our clients. Our leading position and ability to service our clients with being furthered by our pending acquisition of IMGA's portfolio of Sports. We continue to anticipate this exhibition will close in the fourth quarter of this year, which will further boost our content offering in the most sports including soccer, tennis, and basketball.

此次增強增強了我們的足球產品，並鞏固了我們作為客戶足球擊球內容領先供應商的地位。我們即將收購 IMGA 的體育投資組合，這將進一步增強我們的領先地位和服務客戶的能力。我們繼續預計此次展覽將在今年第四季結束，這將進一步提升我們在足球、網球和籃球等大多數運動項目上的內容供應。

Our planning efforts are well on the way and are focused on ensuring a seamless transition for closure, with the cross-functional teams preparing detailed plans, that will support long-term value creation for both our clients and the partners.

我們的規劃工作進展順利，重點是確保無縫過渡，跨職能團隊正在製定詳細計劃，以支援為我們的客戶和合作夥伴創造長期價值。

It's important to note that our leadership extends well beyond betting. In today's fragmented media environment, we are seeing a clear trend. Our clients increasingly turn to Sportradar to enhance fan engagement across mobile streaming and connected TV platforms. Betting is no longer a standalone experience. It is an integral part of how fans engage with sports.

值得注意的是，我們的領導力遠遠超出了博彩領域。在當今碎片化的媒體環境中，我們看到了一個明顯的趨勢。我們的客戶越來越多地依靠 Sportradar 來增強行動串流媒體和連網電視平台上的粉絲參與度。投注不再是一種獨立的體驗。這是球迷參與運動的一個重要組成部分。

As fan behaviour becomes more interactive in real time and sports viewership continues to transition from linear to digital and mobile streaming, our media and technology clients and our league partners are increasingly relying on Sportradar to drive deeper engagement and greater value across multiple channels.

隨著球迷行為即時互動性增強，體育觀眾繼續從線性向數位和行動串流媒體轉變，我們的媒體和技術客戶以及聯盟合作夥伴越來越依賴 Sportradar 來推動跨多個管道的更深入參與和更大的價值。

We are in active discussions with several leading technology and media platforms to integrate our data API streaming products, and advanced analytics to drive greater engagement and viewership on their platforms. This interest is a clear demonstration of our build bonds sell to many business models. Importantly, we are also committed to remove growth barriers and scaling efficiently through innovation by leveraging our technology and AI.

我們正在與多家領先的技術和媒體平台積極討論，以整合我們的數據 API 串流產品和高級分析，從而提高其平台的參與度和收視率。這種興趣清楚地表明了我們建立的債券銷售給許多商業模式。重要的是，我們還致力於利用我們的技術和人工智慧透過創新消除成長障礙並有效擴大規模。

Our engineering teams have adopted advanced API tools that are transforming how we build and deploy products. Early data shows up to a 40% increase in development of productivity, empowering faster product cycle, and accelerating time to market. We also launched an AI system for our customer support teams, delivering faster, more accurate resolutions and enhancing service quality.

我們的工程團隊採用了先進的 API 工具，正在改變我們建置和部署產品的方式。早期數據顯示，生產力發展提高了 40%，從而加快了產品週期並加快了產品上市時間。我們也為客戶支援團隊推出了人工智慧系統，提供更快、更準確的解決方案並提高服務品質。

These capabilities are part of a broader long-term initiative to streamline our infrastructure, reduce development friction, and grow revenue efficiently, all while maintaining discipline on headcount. In closing, we remain confident in our long-term strategy and the significant opportunities that lies ahead. Our competitive advantage, as well as our laser focus on execution and efficiencies, is driving durable revenue growth and expanding margins and cash flow. We believe this positions us well to deliver strong and sustainable value for our clients. Our partners and our shareholders in the months and years to come.

這些能力是我們長期計畫的一部分，旨在簡化我們的基礎設施、減少開發摩擦、有效增加收入，同時保持對員工人數的紀律。最後，我們對我們的長期策略和未來的重大機會充滿信心。我們的競爭優勢以及對執行力和效率的高度關注，正在推動持久的收入成長以及利潤率和現金流的擴大。我們相信，這使我們能夠為客戶提供強大且可持續的價值。在未來的歲月裡，我們將與合作夥伴和股東攜手共進。

Thank you. I will now turn it over to Greg, who will discuss our financial results in greater detail.

謝謝。現在我將把時間交給格雷格，他將更詳細地討論我們的財務結果。

Thanks, Carsten, and thank you everyone for joining us this morning. Sportradar's unique position at the intersection of the sports, media, and betting industries continues to drive strong performance as we increasingly leverage our diverse, best in class product portfolio, leading technology solutions, and high demand content across our broad and deep global customer footprint.

謝謝，卡斯滕，也謝謝大家今天早上加入我們。Sportradar 在體育、媒體和博彩行業交匯處的獨特地位繼續推動強勁的業績，因為我們越來越多地利用我們多樣化、一流的產品組合、領先的技術解決方案以及在我們廣泛而深入的全球客戶群中的高需求內容。

Sportradar's strong second quarter results, including another quarter of record revenue, meaningful margin expansion, and significant free cash flow generation, further demonstrates the strength and durability of our position in the sports ecosystem, as well as the opportunity in front of us as the market continues to expand and we further innovate in collaboration with our league, media, and sports book partners.

Sportradar 第二季度業績強勁，包括再創季度紀錄的收入、有意義的利潤率增長和顯著的自由現金流產生，進一步證明了我們在體育生態系統中地位的強大和持久性，以及隨著市場不斷擴大和我們與聯盟、媒體和體育博彩合作夥伴進一步合作創新而面臨的機遇。

This past quarter, Sportradar delivered revenues of $318 million an increase of $39 million or 14% as compared with the second quarter a year ago, driven by higher product uptake from existing clients, incremental spend from new clients, continued US market growth, and strong trading results from our managed trading services business.

上個季度，Sportradar 的營收為 3.18 億美元，與去年同期第二季度相比增加了 3,900 萬美元，即 14%，這得益於現有客戶的產品使用量增加、新客戶支出增加、美國市場持續成長以及我們管理交易服務業務的強勁交易業績。

We continue to outperform market growth by deepening our client relationships through cross-selling and upselling our diverse portfolio of offerings, as demonstrated by our customer net retention rate of 117%. Looking at the individual product groupings, we delivered broad-based growth across both our betting technology and solutions products, as well as our sports content technology and services.

我們透過交叉銷售和追加銷售多樣化的產品組合來深化與客戶的關係，從而繼續超越市場成長，我們的客戶淨保留率達到 117% 就證明了這一點。從各個產品類別來看，我們的博彩技術和解決方案產品以及體育內容技術和服務都實現了廣泛的成長。

Betting technology and solutions revenue of $259 million grew 12% versus the second quarter a year ago, primarily driven by a 10% increase in betting and gaming content, including 12% growth in our streaming and betting engagement products due to strong growth in audio visual revenues from both existing and new customers. Odds and live data also continued to perform well, up 9% year over year, led by US market expansion, additional uptake of our products, and new customer additions.

博彩技術和解決方案收入為 2.59 億美元，較去年同期第二季度增長 12%，主要由於博彩和遊戲內容增長 10%，其中包括串流媒體和博彩參與產品增長 12%，這歸因於來自現有客戶和新客戶的視聽收入強勁增長。賠率和即時數據也持續表現良好，年增 9%，這主要得益於美國市場的擴張、我們產品的額外吸收以及新客戶的增加。

Additionally, managed betting services continues to grow strongly, up 21% year on year, led by the sustained momentum at managed trading services driven by increased turnover from higher volumes across our existing customer base, trading activity from new clients, as well as higher overall trading margins.

此外，託管投注服務持續強勁成長，年增 21%，這主要得益於託管交易服務的持續成長勢頭，這得益於現有客戶群交易量增加、新客戶的交易活動以及整體交易利潤率提高帶來的營業額增長。

Turning to our other product group, sports, content, technology and services also deliver strong results this past quarter with revenues of $59 million, increasing 22% year on year. Growth was broad-based, led by marketing and media services, which was up 16% year on year, primarily from increased uptake from technology and media companies and for contributions related to our expanded affiliate marketing capabilities.

談到我們的其他產品組，體育、內容、技術和服務上個季度也取得了強勁的業績，營收達 5,900 萬美元，年增 22%。成長基礎廣泛，其中行銷和媒體服務為主導，年成長 16%，主要得益於科技和媒體公司的使用量增加，以及與我們擴大的聯盟行銷能力相關的貢獻。

We also nearly doubled the contributions from integrity services to the uptake of products and services from our league partners and delivered 24% growth versus a year ago from sports performance due primarily the price increases. Geographically, our growth continues to be broad-based, with US revenue of 30% and the rest of world revenue of 9% in the second quarter. US revenues expanded to 28% of our revenue mix as we continue to capitalize on the continued rapid market growth and the growing demand for our breadth of content and innovative product solutions.

我們也將誠信服務對聯盟合作夥伴產品和服務的貢獻幾乎翻了一番，並且由於價格上漲，體育表現比去年同期增長了 24%。從地理來看，我們的成長持續呈現廣泛趨勢，第二季美國營收成長 30%，世界其他地區營收成長 9%。隨著我們繼續利用持續快速的市場成長以及對我們廣泛的內容和創新產品解決方案日益增長的需求，美國收入擴大到我們收入組合的 28%。

The strong revenue growth across our product portfolio translated into significant adjusted EIA growth in the second quarter, with adjusted EBITDA of $64 million increasing 31% year on year. Our continued focus on cost efficiencies combined with our predictable and stable sports rights costs enabled us to deliver significant operating leverage with our adjusted EBITDA margin expanding approximately 250 basis points year on year to 20.1%, as we continue to be diligent across our cost infrastructure.

我們產品組合的強勁營收成長轉化為第二季調整後的 EIA 的顯著成長，調整後的 EBITDA 為 6,400 萬美元，較去年同期成長 31%。我們持續關注成本效率，加上可預測且穩定的體育版權成本，使我們能夠提供顯著的經營槓桿，調整後的 EBITDA 利潤率同比增長約 250 個基點至 20.1%，因為我們繼續在成本基礎設施方面保持勤勉。

Looking at the individual cost buckets this past quarter; I will be speaking to adjusted expenses to provide a breakdown of the expenses that impact adjusted EBITDA. We have detailed in the earnings release and the financial section of the earnings presentation, the bridge from IFRS amounts. This past quarter, sports rights expense increased 11% year on year to $106 million due primarily to the continued success of our ATP content as well as our renewed Major League Baseball partnership.

回顧上個季度的各個成本類別；我將討論調整後的費用，以提供影響調整後 EBITDA 的費用明細。我們在收益報告和收益報告的財務部分詳細說明了與 IFRS 金額的銜接。上個季度，體育版權支出年增 11%，達到 1.06 億美元，這主要得益於我們的 ATP 內容的持續成功以及我們與美國職棒大聯盟的續簽合作夥伴關係。

Sports rights expense was down 103 basis points as a percentage of revenue as we further capitalize on the value of our high demand sports portfolio and the premium products we have developed. We will remain disciplined and strategic with regards to the rights we acquire, and with all of our major rights deals locked in long term, we have significant visibility moving forward. This visibility gives us confidence in our ability to drive further operating leverage across our sports portfolio as we deliver additional value to our global customer base.

由於我們進一步利用了高需求體育產品組合的價值以及我們開發的優質產品，體育版權費用佔收入的百分比下降了 103 個基點。對於我們所獲得的權利，我們將繼續保持紀律和策略性，並且由於我們所有的主要權利交易都已長期鎖定，因此我們在未來具有顯著的可視性。這種可見性使我們有信心，我們有能力在我們的體育產品組合中進一步推動營運槓桿，為我們的全球客戶群提供額外的價值。

Turning to people, adjusted personnel expenses were $80 million a quarter, up 12% year on year, driven primarily by increased headcount to support growth opportunities. Importantly, our personnel expenses continue to decline as a percentage of revenue, as we closely manage headcount to ensure we are focusing our talent and resources on the most profitable growth opportunities, while unlocking additional operating leverage.

談到人員方面，調整後的人事費用每季為 8,000 萬美元，年增 12%，主要原因是增加員工人數以支持成長機會。重要的是，我們的人事費用佔收入的百分比持續下降，因為我們密切管理員工人數，以確保我們將人才和資源集中在最有利可圖的成長機會上，同時釋放額外的營運槓桿。

Adjusted purchase services were $44 million in the quarter, up 14% year on year, primarily driven by increased cloud costs to support growth initiatives, as well as higher traffic and affiliate costs related to the expansion of our marketing services business. Adjusted other operating expenses of $24 million in the quarter were up 2% year on year, declining as a percentage of revenue.

本季調整後的購買服務為 4,400 萬美元，年成長 14%，主要原因是支援成長計畫的雲端成本增加，以及與我們的行銷服務業務擴展相關的流量和附屬成本增加。本季調整後的其他營運費用為 2,400 萬美元，年增 2%，佔營收的百分比有所下降。

With a strong first half of the year behind us, we continue to see meaningful opportunity to deliver sustained operating margin expansion over the long term, given the inherent scale we have in our business and our long-term cost visibility. As we drive further revenue opportunities, continue to closely manage our cost structure, and realize the benefit of sports rights being advertised on a straight line basis over the life of these contracts, we expect to deliver more of every dollar of revenue to our bottom line.

憑藉著上半年的強勁表現，鑑於我們業務的固有規模和長期成本可見性，我們繼續看到在長期內實現持續營業利潤率擴張的重大機會。隨著我們進一步拓展收入機會，繼續密切管理我們的成本結構，並在這些合約的有效期內實現以直線方式宣傳體育權利的收益，我們期望每一美元的收入都能為我們的盈利帶來更多收益。

Looking at the full P&L, we generated a profit for the quarter of $49 million versus a loss of $1.5 million in the same period a year ago, driven by the strong operating results, along with an unrealized foreign currency gain of $54 million primarily associated with our US dollar denominated sports rights compared to an unrealized currency loss of $8 million in the same period a year ago.

從完整的損益表中可以看出，由於強勁的經營業績，我們本季度實現了 4900 萬美元的利潤，而去年同期則虧損 150 萬美元，此外，我們還實現了 5400 萬美元的未實現外匯收益，這主要與我們以美元計價的體育版權有關，而去年同期的未實現貨幣損失為 800 萬美元。

(inaudible) balance sheet, we continue to be in a strong liquidity position, closing the quarter with $312 million in cash and cash equivalents and no debt outstanding. During the first half of the year, we generated $84 million of free cash flow or a free cash flow conversion rate of 68% compared to free cash flow of $59 million or a 62% conversion rate in the first half of 2024. The increase in free cash flow was driven by strong operating cash flow, partially offset by higher sports rights savings.

（聽不清楚）資產負債表，我們繼續保持強勁的流動性狀況，本季末現金和現金等價物為 3.12 億美元，沒有未償還債務。今年上半年，我們產生了 8,400 萬美元的自由現金流，自由現金流轉換率為 68%，而 2024 年上半年的自由現金流為 5,900 萬美元，自由現金流轉換率為 62%。自由現金流的成長是由強勁的營運現金流推動的，但被更高的體育版權節省部分抵消。

Cash and cash equivalents decreased $36 million since the end of 2024, as the strong free cash flow generation was more than offset primarily by the repurchase of 3 million shares of $65.5 million as part of the secondary offering during the second quarter.

自 2024 年底以來，現金和現金等價物減少了 3,600 萬美元，因為強勁的自由現金流產生主要被第二季度作為二次發行的一部分回購的 300 萬股 6,550 萬美元所抵消。

Looking forward, we continue to anticipate strong free cash flow growth for the full year, and a conversion rate above last year's level. Please note that given the timing of sports rights payments, we do anticipate a step down in the third quarter before stepping back up in four.

展望未來，我們持續預期全年自由現金流將強勁成長，轉換率將高於去年的水平。請注意，考慮到體育版權支付的時間，我們預計第三季會有所下降，然後在第四季度回升。

Turning to capital allocation, we have now repurchased approximately $86 million of stock at an average price of $17.96 and are nearly halfway through our $200 million share repurchase program. We continue to see value in our shares, given our strong and durable growth and expectations for significant operating margin and cash flow expansion moving forward.

談到資本配置，我們目前已以平均 17.96 美元的價格回購了約 8,600 萬美元的股票，並且已完成 2 億美元股票回購計畫的一半。鑑於我們強勁而持久的成長以及對未來大幅營業利潤率和現金流擴張的預期，我們繼續看到我們股票的價值。

It is important to note that our capital allocation priority remains investing in expanding the long-term growth potential of the company, and we will weigh returning capital to shareholders versus additional organic and M&A investment opportunities in both the short and long term.

值得注意的是，我們的資本配置重點仍然是投資於擴大公司的長期成長潛力，我們將在短期和長期內權衡向股東返還資本與額外的有機和併購投資機會。

Moving to our full year expectations for 2025. Given the strong second quarter results and the sustained operating momentum across our business, we are raising our full year guidance, despite headwinds from the further weakening of the US dollar versus the EUR. We now anticipate revenues of at least EUR1.278 billion representing year over year growth of at least 16%.

轉向我們對 2025 年全年的預期。鑑於第二季業績強勁以及整個業務持續的營運勢頭，儘管面臨美元兌歐元進一步走弱的阻力，我們仍上調了全年業績預期。我們現在預計收入至少為 12.78 億歐元，年增至少 16%。

And we now anticipate adjusted EBITDA of at least EUR284 million representing growth of at least 28% versus 2024. This strong EBITDA growth translates to at least 210 basis points of adjusted EBITDA margin expansion in 2025. We also continue to expect a free cash flow conversion rate above 2024's conversion rate of 53%.

我們現在預計調整後的 EBITDA 至少為 2.84 億歐元，較 2024 年成長至少 28%。強勁的 EBITDA 成長意味著 2025 年調整後 EBITDA 利潤率將擴大至少 210 個基點。我們也繼續預期自由現金流轉換率將高於 2024 年的 53% 的轉換率。

Note that this guidance does not take into account any impact from the pending IMG Arena acquisition, given the uncertainty around the timing of closing, and we will incorporate the upside from this acquisition into our guidance once the deal closes. However, it is important to note, that we do anticipate IMG sports rights portfolio will not only accelerate our revenue, adjusted EBITDA and free cash flow generation, but it will be a creative to our overall adjusted EBITDA and cash margins.

請注意，由於交易完成時間的不確定性，本指引並未考慮即將進行的 IMG Arena 收購所帶來的任何影響，交易完成後，我們將把此次收購帶來的好處納入我們的指引中。然而，值得注意的是，我們確實預計 IMG 體育權利組合不僅會加速我們的收入、調整後 EBITDA 和自由現金流的產生，而且還會對我們的整體調整後 EBITDA 和現金利潤率產生積極影響。

Overall, the continued strong results during the second quarter reinforced Sportradar's significant growth opportunity in 2025 and beyond. We are confident in our ability to capitalize on an expanding addressable market, both in the US and across the world, while delivering additional value to our clients, given our robust content and product suite and leading technology capabilities.The durable and meaningful revenue growth we are generating will help drive long-term shareholder value as we deliver consistent operating leverage and strong cash flow in the months and years ahead.

總體而言，第二季持續強勁的業績增強了 Sportradar 在 2025 年及以後的巨大成長機會。憑藉我們強大的內容和產品套件以及領先的技術能力，我們有信心利用美國和全球不斷擴大的潛在市場，同時為我們的客戶提供額外的價值。我們正在創造的持久而有意義的收入成長將有助於推動長期股東價值，因為我們將在未來幾個月和幾年內提供持續的營運槓桿和強勁的現金流。

Thank you for your time this morning, and now Carsten and I will be happy to answer any questions you may have.

感謝您今天上午抽出時間，現在卡斯滕和我很樂意回答您的任何問題。

(Operator Instructions) Ryan Sigdahl, Craig-Hallum Capital.

（操作員指示）Ryan Sigdahl，Craig-Hallum Capital。

Hey, good day, Carsten, Craig, great to see the continued momentum in the business and from a numbers standpoint. I want to start with, the Club World Cup. So first year expanded teams, Sportradar had the rights, so curious I guess what you saw from a betting standpoint across your customers, and specifically, if there was an outsized benefit or what you saw within the MTS business.

嘿，卡斯滕，克雷格，大家好，很高興看到業務和數字方面持續保持良好勢頭。我想先從俱樂部世界盃開始。因此，第一年擴大球隊時，Sportradar 擁有權利，所以我很好奇您從投注的角度對客戶看到了什麼，特別是是否存在超額收益，或者您在 MTS 業務中看到了什麼。

Hi, Ryan. Nice to hear you. So the World Cup was very good for MTS, and it was the right decision that we jumped on this deal on a very short notice. What is very interesting is that we saw there was a big interest from the media company to drive traffic from betting into the media space. So we fully achieved this and we strengthened the partnership here and from an MTS perspective, it was of course very good because there was not much soccer content at this time and we saw a pick up here.

你好，瑞安。很高興聽到你的聲音。所以世界盃對 MTS 來說非常有利，我們在很短的時間內接受這個交易是一個正確的決定。非常有趣的是，我們發現媒體公司對將博彩流量引入媒體領域有著濃厚的興趣。因此，我們完全實現了這一目標，並加強了這裡的合作夥伴關係，從 MTS 的角度來看，這當然非常好，因為當時足球內容並不多，而我們在這裡看到了回升。

Great, for my second question, just your competitor just announced the rights for European leagues. It was previously held by IMG Arena. You guys are in the process of that pending acquisition. I look at slide 16, both past decks. Well as the current one, it doesn't appear like the European League soccer were ever included in that pending acquisition, but I guess curious if that's true and then your considerations of those rates specifically and then second to that, I guess any change in expectations for IMG doesn't sound like from a financial standpoint, but anything from, I guess that's jumped out in the past couple months. Thanks

太好了，對於我的第二個問題，你們的競爭對手剛剛宣布了歐洲聯賽的轉播權。該賽事先前由 IMG Arena 舉辦。你們正在進行那項待完成的收購。我看了第 16 張投影片，上面都是過去的投影片。嗯，就目前的情況而言，歐洲足球聯賽似乎從未被納入即將進行的收購中，但我很好奇這是否屬實，然後你對這些費率的具體考慮，其次，我想對 IMG 的預期發生的任何變化聽起來都不像是從財務角度來看的，但從任何角度來看，我想這在過去幾個月裡已經出現了。謝謝

It was a loss-making deal, the European leagues for IMG, so we asked IMG before we closed the deal to wind this up and find a settlement, which they did. So it's not in the numbers. You're right, not in the prediction from IMG. Second, there is no audiovisual inventory in those rights, so it's data rights for these leaks, and we have many of the audiovisual rights for the individual leaks, so we feel in a pretty strong position here.

對於 IMG 來說，歐洲聯賽是一筆虧損的交易，因此我們在完成交易之前要求 IMG 結束這筆交易並找到解決方案，而他們做到了。所以它不存在於數字中。你是對的，IMG 的預測並不準確。其次，這些權利中沒有視聽清單，因此這些洩密屬於數據權利，而我們擁有許多個別洩密的視聽權利，因此我們覺得自己在這裡處於相當有利的地位。

Jason Tilchen from Canaccord Genuity

Canaccord Genuity 的 Jason Tilchen

Hi, good morning. Thanks for taking the question. I'm wondering on managed betting services; you saw a particularly strong revenue growth there. I wanted to give you a little bit more about how much the large cohort of new NTS customers, that you brought in the first half of last year has sort of been impacting that business. And just more broadly how uptake of that product has trended over the past few months and as you as you your ability to move more customers into that sort of higher value product in the back half of the year.

嗨，早安。感謝您回答這個問題。我對託管投注服務感到好奇；您看到那裡的收入成長特別強勁。我想向您詳細介紹去年上半年引入的大量新 NTS 客戶對業務的影響。更廣泛地說，過去幾個月該產品的接受趨勢如何，以及您在下半年吸引更多客戶購買這種更高價值產品的能力。

Yeah, like in like in the script, so it's 50 clients which we onboarded in 2024. The pipeline which we see at the moment is precisely 42 new clients which are in the integration period. So we see a very strong pickup on the managed trading services. 23% is reflecting this. We are now trading close to [EUR45 billion] in turnover on this. So there is some.

是的，就像劇本裡說的那樣，我們在 2024 年吸收了 50 位客戶。我們目前看到的管道正是 42 個處於整合期的新客戶。因此，我們看到託管交易服務呈現強勁成長動能。 23% 反映了這一點。目前我們的交易額接近 [450 億歐元]。所以有一些。

We have a very nice table here with the trading services, and I think one remark here is we hear from many clients. They focus more and more on marketing and branding and saying for the trading, we leave this with you guys. You deliver us the better results purely given by the volume of trading, but we have the number of tickets which we see, the mechanic and the mathematics of the big numbers works you perfectly.

我們這裡有一個非常好的交易服務表，我想這裡的一個評論是我們聽到許多客戶的。他們越來越注重行銷和品牌建設，並表示對於交易，我們把這留給你們。您為我們提供了更好的結果，純粹是由交易量決定的，但我們有看到的票數，大數字的機制和數學原理對您來說非常完美。

Great, very helpful. And one quick follow up would be, you mentioned in the in your prepared remarks, some of the conversations you're having with media companies on some fan engagement solutions wondering if you could share a little bit more about, is this sort of new solutions you're developing with them if it's existing products you've already developed for sports book customers, that you're sort of selling into that and how meaningful that opportunity is on a go forward basis.

非常好，很有幫助。一個快速的後續問題是，您在準備好的發言中提到，您正在與媒體公司就一些粉絲參與解決方案進行一些對話，想知道您是否可以分享更多有關您正在與他們一起開發的這種新解決方案，如果這些是你們已經為體育博彩客戶開發的現有產品，您正在向他們銷售這些產品，以及這個機會在未來有多大意義。

We think it's pretty meaningful, so we see the three markets connected with each other, and that is increasing the media company's sports betting and sports by itself. This is driven by the information of the sports fan. There is a need, what we saw now in the World Cup, that the media companies are recruiting from the sports betting space.

我們認為這非常有意義，因此我們看到這三個市場相互關聯，這本身就增加了媒體公司的體育博彩和體育業務。這是由體育迷的信息所驅動的。正如我們在世界盃上看到的，媒體公司有必要從體育博彩領域招募人才。

And we are the perfect partner for this because on our platform we have the information about the sport, we have the information about the sports fan, and we know the need for the sports by themselves. So this is connected.

我們是這方面的完美合作夥伴，因為在我們的平台上，我們有關於體育運動的信息，我們有關於體育迷的信息，我們知道體育運動本身的需求。所以這是有關聯的。

We don't see too many media companies stepping into the sports betting space, but we see that it's connected with sports betting with client acquisition. And then here we start the flyway with all the tools which we have, the app service, which is playing in there, and the conversion.

我們沒有看到太多媒體公司涉足體育博彩領域，但我們看到它與體育博彩和客戶獲取有關。然後我們在這裡啟動飛行路線，使用我們擁有的所有工具、在其中運行的應用服務和轉換。

David Katz, Jefferies

戴維·卡茨（David Katz），傑富瑞

Hi, good morning, everybody. Thanks for taking my question, Craig. I think you talked about this a little bit, but for the team, I wanted to just look at the ROW business and its, organic growth rate. My sense is that there's some FX, in there and the growth rate, at least on the surface, looks a bit lower than it's been for the past several quarters. What's in there and what's really going on and what's kind of the organic growth rate of that business, thinking about it the rest of this year and next.

大家好，早安。感謝您回答我的問題，克雷格。我想你已經談論過這一點，但對於團隊來說，我只想看看 ROW 業務及其有機成長率。我的感覺是，這其中存在一些外匯因素，而且成長率至少從表面上看比過去幾季略低。其中有什麼，真正發生了什麼，以及該業務的有機成長率是多少，思考今年剩餘時間和明年的情況。

Sure, thanks. Thanks for the question, David. So when you think about the rest of the world, there really is not much currency impact in the rest of the world business. The majority of our currency impacts come from the US dollar denominated results that ultimately flow back into our euro. But what you're seeing with regards to the rest of the world in the quarter is predominantly just timing around media campaigns that we've seen from an advertising perspective, right.

當然，謝謝。謝謝你的提問，大衛。因此，當你考慮世界其他地區時，你會發現貨幣對世界其他地區的業務確實沒有太大的影響。我們的大部分貨幣影響來自以美元計價的結果，這些結果最終會回流到歐元。但是，就本季世界其他地區而言，您看到的主要是從廣告角度看到的媒體宣傳活動的時機，對吧。

When you In the first quarter you had really strong growth on the advertising side of the house due to some additional campaigns that took place in the first quarter. There was less of that in the second quarter, but when you look at the six months and what's happened ultimately with that our advertising business over the first six months of the year, it's up strongly versus where it was in 2024. But there's going to be some choppiness to that line, given the realities of the ad campaigns and when they ultimately come to fruition.

在第一季度，由於開展了一些額外的活動，你們的廣告業務取得了非常強勁的成長。第二季的廣告業務量有所減少，但回顧過去六個月以及今年前六個月我們的廣告業務的最終表現，你會發現，與 2024 年相比，廣告業務量出現了強勁增長。但考慮到廣告活動的現實情況以及最終成果，這條路線將會出現一些不穩定的情況。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Good morning, Carsten and Craig. Thanks for taking my question, wanted to start with in play in Q2, I guess more focused on the US penetration and how we continue to see that evolve. Can you talk about what that looked like either from a year over year standpoint or sequential standpoint?

早上好，卡斯滕和克雷格。感謝您回答我的問題，我想從第二季的情況開始，我想更多地關注美國的滲透率以及我們如何繼續看到這種滲透率的發展。您能否從同比或連續的角度談談這種情況？

Is that still moving in the right direction and still gives you confidence in some of the things that you talked about at the Investor Day. Thank you.

這是否仍然朝著正確的方向發展，並且仍然讓您對投資者日上談到的一些事情充滿信心。謝謝。

Hi Chad, Carsten here. So we see what we reported on the invest. We see a strong conversion from in play in the US. So at the moment the numbers which we have, and that's based on averages from the clients and what we see on our MTS platform. Shows that we are around about 50% in play to the pre-match batting, and we see that this trend goes into the direction of more than 70%. On our NTS trading platform we are significantly higher than 70% for the US matches from the rest of the world.

你好，Chad，我是 Carsten。因此我們看到了有關投資的報導。我們看到美國市場上出現了強勁的轉換。因此，目前我們擁有的數字是基於客戶的平均值以及我們在 MTS 平台上看到的情況。顯示我們在賽前擊球方面的成功率約為 50%，我們看到這種趨勢朝著 70% 以上的方向發展。在我們的 NTS 交易平台上，美國與世界其他地區的匹配率明顯高於 70%。

And we see a strong conversion going into this. It means for us from a financial perspective, given the run rate and the growth in the US on the projection on 2029, that means 1% conversion is accounting to [$6 million] EBITDA for us, and that is more or less a direct flow through. There are a little bit platform costs involved in there, but it's more or less pure cash. So from 1% it's a $6 million on the current run rate. And we see 50% proportion on average and we believe it is going higher than 70%.

我們看到了強勁的轉變。對我們來說，從財務角度來看，考慮到 2029 年的運行率和美國的成長預測，1% 的轉換率將為我們帶來 [600 萬美元] 的 EBITDA，這或多或少是直接的流轉。這其中涉及一點平台成本，但或多或少都是純現金。因此，從 1% 開始，按當前運行率計算，其價值為 600 萬美元。我們看到的平均比例為 50%，我們相信這一比例會高於 70%。

Great, thank you, Carsten and then Craig for the Q2 sports betting margin, was there any major differential versus kind of what you guys had had forecasted and if so, are you willing to quantify that? Thank you.

太好了，謝謝 Carsten 和 Craig，關於第二季度體育博彩利潤率的問題，與你們預測的相比，是否存在重大差異？如果有，你們願意量化這個差異嗎？謝謝。

Yeah, we don't quantify obviously how everything changed versus our expectations, but I will say is the results pretty much came in as expected. We have such diversity with regards to the sports content, that we have globally that an individual outcome of a singular event has a very rare ability to move the needle for us in terms of performance. So the margin that we achieved with regards to pretty much all of our business lines came in a little bit better than we expected in the quarter, because we were able to take some costs out of the overall infrastructure of the company.

是的，我們顯然無法量化一切與我們的預期相比發生了怎樣的變化，但我要說的是，結果基本上符合預期。我們的體育內容如此多樣化，以至於我們在全球範圍內，單一事件的個別結果很少能夠對我們的表現產生影響。因此，我們幾乎所有業務線所實現的利潤率都比我們本季的預期要好一些，因為我們能夠從公司的整體基礎設施中削減一些成本。

But in terms of the performance with regards to the results that happened throughout the world, there was no change versus expectations.

但從全球各地的表現來看，與預期相比並沒有什麼改變。

Barry Jonas, Truist.

巴里·喬納斯，Truist。

Hey guys, thanks for taking my questions. As you look at the recent bidding processes for sports right deals, I'm curious how you would characterize just how rational the pricing environment is, today. Thanks.

嘿夥計們，謝謝你們回答我的問題。當您查看最近的體育賽事版權交易競標過程時，我很好奇您如何描述當今的定價環境有多麼合理。謝謝。

Well, we saw now the European leagues in this area, I guess that's where you are referring to for the European leagues. I gave you my answers, so that was a loss making deal for IMG, and it is the data deal without the audiovisual rights. So we looked on it and we find that from a commercial perspective not fitting. To our rights, the same for this area. So we said to the market that we stay very disciplined on rights acquisitions. We have high hurdles and we have a clear definition what is the return, what we expect from those rights. If the right is not fitting to it.

好吧，我們現在看到了這個地區的歐洲聯賽，我想這就是您所指的歐洲聯賽。我已經給了你我的答案，所以這對 IMG 來說是一筆虧損的交易，而且這是一筆沒有視聽版權的數據交易。因此，我們對此進行了研究，發現從商業角度來看這並不合適。對於我們的權利，對於這個地區也是如此。因此，我們向市場表示，我們在權利收購方面保持非常自律。我們的門檻很高，我們對回報是什麼、我們對這些權利的期望是什麼有明確的定義。如果權利不適合它。

We can't, we can't take it, and that was the process here. So we didn't see that for this price there was a fit in our portfolio. And one last thing is, that we have all our key rights to achieve the aims, which we highlighted in the ambassador for the next three years. So we are pretty clear in the execution when it comes to onboarding new rights and we see already a lot of new rights coming to us from IMG.

我們不能，我們不能接受它，這就是這裡的過程。因此，我們認為這個價格並不適合我們的投資組合。最後一點是，我們擁有實現未來三年大使所強調的目標的所有關鍵權利。因此，在引入新權利方面，我們的執行情況非常明確，而且我們已經看到 IMG 為我們提供了大量的新權利。

Great, that's really helpful. And then, could be a lot of talk around prediction markets out there. I'm just curious what you think would have to happen for you to become more constructive on prediction. Thanks.

太好了，這真的很有幫助。然後，可能會有很多關於預測市場的討論。我只是好奇，您認為需要發生什麼才能使您的預測更有建設性。謝謝。

I think we are very constructive, but that's on the one hand, it is a regulatory question, which is mainly a tax issue. So as long as we have not a clarity on this. How the predictive markets are taxed. I think it is very difficult for us and for the market to see that we can really invest here.

我認為我們非常有建設性，但一方面，這是一個監管問題，主要是稅務問題。所以只要我們對此還不清楚。預測市場如何課稅。我認為，我們和市場都很難相信我們真的可以在這裡投資。

We are very open for this, but I think that's a question which must be solved. And the second thing about the size of the prediction market. I think we get a very good feeling if you look to the UK. And if you look to be fair, they're existing since more than 20 years. They have a very good business, but the dominant business is sports betting, and the beauty of sports betting is that you can nearly price everything, because the bookmaker is the one who is holding down the risk on these predictive markets, you're going to need to match it always with an individual, so that gives you less flexibility to accept many different betting cards.

我們對此持非常開放的態度，但我認為這是一個必須解決的問題。第二件事是關於預測市場的規模。如果你看看英國，我想我們就會感覺非常好。如果你公平地看，它們已經存在 20 多年了。他們的業務非常好，但主要業務是體育博彩，體育博彩的魅力在於你幾乎可以給所有東西定價，因為博彩公司是控制這些預測市場風險的人，你需要始終將其與個人進行匹配，因此你在接受許多不同的投注卡時會缺乏靈活性。

That's how we see it. But in principle, we welcome this. In principle we think that's a good additional business for us because they need content.

我們就是這樣看待它的。但原則上，我們對此表示歡迎。原則上，我們認為這對我們來說是一個很好的附加業務，因為他們需要內容。

Jordan Bender, Citizens.

喬丹·本德，公民。

Good morning everyone, thanks for the question, Carsten in your prepared remarks, he said something along the lines of looking at new revenue streams. Is this a comment related to ongoing initiatives or are there adjacent verticals out there you'd be interested in entering? And if so, can you provide any color there? Thank you.

大家早安，感謝您的提問，卡斯滕在您準備好的發言中，他談到了尋找新的收入來源。這是與正在進行的計劃相關的評論嗎？或是否有您感興趣的相鄰垂直領域？如果是的話，您能提供任何顏色嗎？謝謝。

We try to stay [razor] sharp focused on the strategy which we highlighted, so additional revenue streams for short from i-gaming platform business which we which we highlighted. There are some nice places with AI content distribution to media partners. So these are the things. There is nothing new to what we said on the investor day here, but we see this is beginning to pick up. I can't speak at the moment.

我們努力保持對我們所強調的策略的敏銳關注，因此我們強調的 i-gaming 平台業務的額外收入來源。有一些不錯的地方可以透過 AI 向媒體合作夥伴分發內容。事情就是這樣。我們在投資者日上所說的話並沒有什麼新意，但我們看到這種情況正在開始好轉。我現在無法說話。

About the media companies which are in the integration of AI content generation, but we do this, and we have two test clients here where we see how we are going. We also have a car manufacturer who is looking into this automized for content production with AI, so we see some nice revenue opportunities.

關於正在整合人工智慧內容生成的媒體公司，但我們確實這樣做了，我們這裡有兩個測試客戶，我們可以看看我們的進展如何。我們還有一家汽車製造商正在研究利用人工智慧實現內容製作自動化，因此我們看到了一些不錯的創收機會。

Great. And on the follow up you called out last quarter free cash flow conversion should decline in the second quarter, yet it improved significantly. However, the full year conversion number didn't really change. Was there anything shifting into the second quarter that helped conversion or you just being constructive on the full year outlook? Thank you.

偉大的。您在後續訪談中提到，上個季度自由現金流轉換率應該會在第二季下降，但實際上卻出現了顯著改善。然而，全年轉換數字實際上並沒有變化。第二季度是否有任何變化有助於轉化，或者您只是對全年前景持建設性態度？謝謝。

Yeah, the one challenge, thank you for the question, Jordan. The one challenge when you're trying to predict what's going to happen in a quarter from a free cash flow perspective comes down to the timing of when your actual payments go out the door for some of these sports rights. So the shifting between quarters sometimes could ultimately drive things higher or lower on a quarterly basis, but obviously over the course of a year it plays itself out the right way.

是的，這是一個挑戰，謝謝你的提問，喬丹。當你試圖從自由現金流的角度預測某個季度會發生什麼時，面臨的一個挑戰就是你為某些體育賽事轉播權實際支付款項的時間。因此，季度之間的轉變有時最終可能會導致季度情況上升或下降，但顯然在一年的時間裡它會以正確的方式發揮作用。

What I will say is when you Look at the conversion that we had in the first six months of the year of 68%. It is ahead of where we were last year at around 62%. So we are continuing to grow our cash flow conversion, and we do expect to continue to do that for the full year like we said originally in our guidance, but you will see some quarterly fluctuations based off of the timing of sports payments.

我想說的是，當你看到我們今年前六個月的轉換率是 68% 時。這一比例高於去年的 62% 左右。因此，我們將繼續增加現金流轉換，我們確實希望全年繼續這樣做，就像我們最初在指導中所說的那樣，但你會看到基於體育支付時間的一些季度波動。

Clark Lampen, BTIG.

克拉克·蘭彭（Clark Lampen），BTIG。

Thanks for taking the questions. I have two quick ones. First, Craig, I wanted to see if you could follow up on the comments you made earlier around rest of world performance and the pause and marketing spend. Is there anything, I guess, as you think, back on what happened in two that you would attribute that to or any reason why we should think about it as potentially transient?

感謝您回答這些問題。我有兩個簡短的。首先，克雷格，我想看看您是否可以跟進您之前就世界其他地區的表現以及暫停和行銷支出所發表的評論。我想，正如您所想的，回顧一下在兩件事中發生的事情，您是否認為這可以歸因於什麼，或者有什麼理由讓我們認為它可能是短暫的？

And then the second question is on the MTS business. Nice momentum that you're seeing there. Carsten last quarter you called out strength in Brazil. It seems like maybe we're seeing some of that in the pipeline right now. Anything that you could tell us, or I guess color you could give us on distribution of new customers, are you seeing more from international markets, US markets? Is there a skew there? Thanks very much.

第二個問題是關於 MTS 業務。您在那裡看到的是良好的勢頭。卡斯滕，上個季度你強調了巴西的實力。看起來我們現在可能正在看到其中的一些進展。您能告訴我們什麼嗎，或者我想您能為我們提供一些有關新客戶分佈的詳細信息，您是否從國際市場、美國市場看到了更多客戶？那裡有偏差嗎？非常感謝。

Sure, thanks, Clark. I'll start with the first question, and Carsten can answer the second. There was really no change to the business momentum or the business trends with regards to the advertising campaigns that we saw. Again, you will see some choppiness to this business just given it requires the sports books to ultimately want to spend on advertising opportunities. Sometimes we see more of that in the quarter, sometimes we see less.

當然，謝謝，克拉克。我先回答第一個問題，卡斯滕可以回答第二個問題。就我們所看到的廣告活動而言，業務動能或業務趨勢確實沒有發生任何變化。再一次，你會發現這項業務有些不穩定，因為它要求體育博彩最終願意在廣告機會上花錢。有時我們在本季看到的情況更多，有時則較少。

Just like I said, with the free cash flow and the quality of the free cash flow that we're generating, when you look at the advertising business over a multi-quarter period, we do expect there to be some continued nice momentum in that business, and you see that year to date with regards to the advertising business. We do expect to see some really nice momentum in the media and ad business in the back half of the year, and based off of everything that we've seen with regards to our conversations with our customers. So I think when you look at the full year results, they'll be very much in line with the expectations that we have for the year.

正如我所說的，憑藉我們產生的自由現金流和自由現金流的質量，當您回顧多個季度的廣告業務時，我們確實預計該業務將繼續保持良好的發展勢頭，而且您會看到今年迄今為止的廣告業務情況。根據我們與客戶交談中看到的一切，我們確實預計今年下半年媒體和廣告業務將出現一些非常好的發展勢頭。因此，我認為，當你查看全年業績時，它們將與我們對今年的預期非常一致。

Well, and to the MTS business, we are 23% up in this year on MTS, which is a pretty strong performance. Looking to the cohort, the 50 from 2024, pretty diversified, so it's not a fixed location here. Yes, Brazil is contributing. But we see it all over the place. More important is the pipelines. We have nearly the same size pipeline now in the in the integration, so we expect continued strong growth in this segment.

嗯，就 MTS 業務而言，今年我們的 MTS 成長了 23%，這是一個相當強勁的表現。縱觀這個群體，從 2024 年開始的 50 人，相當多樣化，所以這裡不是一個固定的位置。是的，巴西正在做出貢獻。但我們隨處可見它。更重要的是管道。目前，我們在整合過程中擁有幾乎相同規模的管道，因此我們預計該領域將繼續保持強勁成長。

Looking from an overall turnover which we enjoy here, it's a EUR45 billion, which is very strong from an uplift perspective. And the bigger this is growing and the higher the number of the tickets, the better the algorithms are working. We deployed in most of the products here, so we see a strong uptick and a better performance for our clients, which is the reason why we can onboard and recruit more clients.

從我們在這裡享受到的整體營業額來看，這是 450 億歐元，從提升的角度來看，這是非常強勁的。而且這個規模越大，票數越多，演算法就越有效。我們在這裡部署了大多數產品，因此我們看到了強勁的成長勢頭和更好的客戶表現，這也是我們能夠吸引和招募更多客戶的原因。

Thanks very much.

非常感謝。

Michael Hickey, The benchmark Company.

希基 (Michael Hickey)，《基準公司》。

Hey Carsten, Craig, Jim, great guys, thanks for taking our questions. Just a quick update if possible, Carsten on Brazil. And what you're doing with your i gaming platform there in terms of marketing services and I guess it's a platform and that the scalability you think of that moving forward into other markets and potentially the US and follow up.

嘿，卡斯滕、克雷格、吉姆，你們太棒了，謝謝你們回答我們的問題。如果可能的話，請簡單更新一下卡斯滕關於巴西的情況。您在行銷服務方面對 i 遊戲平台做了什麼？我想這是一個平台，您認為它的可擴展性可以推動其進入其他市場，甚至可能是美國，然後進行跟進。

First uptake in Brazil. So we see at the moment 70 licensed operators with more than 140 brands. We integrated now with 50 of them, so we are the biggest player in this market. So we are the one who is running fastest in this early stage. It's a good testament for our investment there. And for the work of the team, looking to i gaming is our test market, and I'd like to remind everybody what we understand with gaming.

巴西首次採用。因此，我們目前看到有 70 家授權營運商，擁有 140 多個品牌。我們現在與其中 50 家公司進行了整合，因此我們是這個市場上最大的參與者。所以我們是這個前期跑得最快的。這是我們在那裡投資的良好證明。對於團隊的工作，i Gaming 是我們的測試市場，我想提醒大家我們對遊戲的理解。

We believe that from a sports betting perspective, igaming and sports betting should not be treated separately by the operator. It belongs to each other and there is a connection at the moment. It is separated, so we believe that the 360 degree flywheel here is acquisitioned with sports betting. We have all the tools with this programmatic advertising. We classify this. We have our own DSP and SSB here, that we can convert that goes into the full sports betting funnel up to the full platform management or trading services.

我們認為，從體育博彩的角度來看，業者不應該將網路遊戲和體育博彩區別對待。它屬於彼此，並且此刻存在著連結。它是分開的，所以我們相信這裡的 360 度飛輪是透過體育博彩獲得的。我們擁有這種程序化廣告的所有工具。我們對此進行分類。我們有自己的 DSP 和 SSB，我們可以將其轉換為完整的體育博彩管道，直到完整的平台管理或交易服務。

Then we switch it over with campaign management, with bonus systems into the i gaming space, and there is a connection with retention. So if you see a live match in the streams, you get all the side markets, the micro markets, but for example, in a tennis match, if there is a two second break because they're changing the balls, we can show if we know that user is also interested.

然後我們將其與活動管理、獎勵系統一起轉換到 i 遊戲領域，並與保留建立聯繫。因此，如果您在串流媒體中看到現場比賽，您會看到所有的邊線市場、微型市場，但例如，在一場網球比賽中，如果由於他們更換球而出現兩秒鐘的間歇，我們可以顯示是否我們知道該用戶也感興趣。

In basketball, for example, we can show a spin with a basketball branded slot, and that goes within a twenty seconds. This is the kind of connection which we see, this is the 360 service. And this is what we test at the moment in the market, and Brazil is our test market. We have 34 integrations already from the 50 clients there, so there is a strong uptick, but from a result perspective, of course we expect in the future significant more contribution than we see at the moment.

例如，在籃球比賽中，我們可以用籃球品牌槽來展示旋轉，這個過程在二十秒內完成。這就是我們看到的這種連接，這就是360服務。這就是我們目前在市場上測試的內容，巴西是我們的測試市場。我們已經與那裡的 50 位客戶進行了 34 次整合，因此呈現強勁成長勢頭，但從結果角度來看，我們當然預計未來的貢獻會比現在更大。

Nice, sounds good. The Second question from us, obviously, you have an incredible and global perspective on the growth of sports betting in as much as you can. Obviously, you're not an operator, they're your partners. But when you look at the US gaming market in Q2, just wondering your sort of view. I guess, on the health of the market when you look at handle GGR and bold, if it's sort of tracking or beating your expectations and sort of early Q3 trends of the momentum is in fact continuing or not. Thank you.

不錯，聽起來不錯。我們的第二個問題是，顯然，您對體育博彩的發展有著令人難以置信的全球視角。顯然，你不是操作員，他們是你的合作夥伴。但當你觀察第二季的美國遊戲市場時，我只是想知道你的看法。我想，就市場健康狀況而言，當您查看 GGR 和 bold 時，它是否跟踪或超出您的預期，以及第三季度初期的趨勢是否真的持續下去。謝謝。

So giving predictions in the future for the Q3, I'm very careful with these things, but it's something where we see a very strong US we see very strong growth. We see nice opportunities. That was 10 days ago in California. Trying to understand better what goes on here, where do we see the trigger points for potential market openings. So it's interesting. It's not something which will happen in the next quarter, no worries, but we see that there is a There is a very strong adaptation in the US, and we see that's a continued trend, but looking into Q3, lots of matches are starting.

因此，在對第三季的未來進行預測時，我非常謹慎，但我們可以看到美國經濟將呈現非常強勁的成長勢頭。我們看到了良好的機會。那是10天前在加州發生的事。試圖更好地了解這裡發生的事情，我們在哪裡看到潛在市場開放的觸發點。所以這很有趣。別擔心，這不是下個季度會發生的事情，但我們看到美國有非常強烈的適應性，我們看到這是一個持續的趨勢，但展望第三季度，很多比賽都開始了。

Usually, you see some surprises in the early days, so we think tenancy wise, if you ask me now privately, I will see some stronger hold numbers. We are not depending on this, as from our business model, but that's what we currently see in the US.

通常，你會在早期看到一些驚喜，所以我們認為從租賃角度來看，如果你現在私下問我，我會看到一些更強勁的持有數字。從我們的商業模式來看，我們並不依賴於此，但這就是我們目前在美國看到的情況。

Bernie McTernan, Needham Company.

伯尼‧麥克特南 (Bernie McTernan)，尼德漢姆公司。

Great, thanks for taking the questions. Just to start, Carsten, the prepared remarks you mentioned 40% of clients taking four more products. Is there any color they can provide of the take rate of these clients that are taking four or more products versus 60% who are taking four or less in any context for how that 40% penetration has changed over time?

太好了，感謝您回答這些問題。首先，卡斯滕，您在準備好的演講中提到 40% 的客戶服用了另外四種產品。他們能否提供一些細節，說明購買四種或更多產品的客戶與購買四種或更少產品的客戶（60%）的購買率，以及這 40% 的滲透率隨時間如何變化？

Well, like highlighted on the Invest today, it's important for us to see that 40% are taking those products from our clients. So we have a 60% where we still have a lot of abilities, and for this 40% we see trends in. Selling and as a sample from an MPS perspective where we indicated the 50 customers and now the 42 in the pipeline, that is a strong testament how we can make the take rate higher and do this upselling.

嗯，就像今天在《投資》雜誌上強調的那樣，重要的是我們看到 40% 的人從我們的客戶那裡購買了這些產品。因此，我們在 60% 中仍然擁有很多能力，而對於這 40%，我們看到了趨勢。銷售，從 MPS 角度來看，我們指出了 50 位客戶，現在有 42 位客戶正在等待銷售，這有力地證明了我們如何能夠提高接受率並實現追加銷售。

So this is the flywheel which we execute here, of course, with the client relations which we have and with the binding tools which are in there. That's significantly easier for us. The same works by the way, for the ad service. So that's how we try to do it. I can't classify you now the numbers from the upselling. Maybe rack can do this, but we are not disclosing those numbers normally.

因此，這是我們在這裡執行的飛輪，當然，還有我們擁有的客戶關係以及其中的綁定工具。這對我們來說容易得多。順便說一下，廣告服務也是如此。這就是我們嘗試去做的。我現在無法對追加銷售的數字進行分類。也許 Rack 可以做到這一點，但我們通常不會透露這些數字。

Okay, understood. And I believe you mentioned higher trading margins at MTS in the quarter. Can you just talk about what's driving this and is this a one-time benefit or is it more of just sustainably being able to trade at a higher margin?

好的，明白了。我相信您提到了本季度 MTS 的交易利潤率更高。您能否談談推動這現象的原因是什麼？這是一次性好處嗎？還是只是為了能夠持續以更高的利潤率進行交易？

While there are always result driven marginal improvements, and difficult to figure out how much is now from a resulting perspective, how much is from the algorithms, but tendency wise, one thing is for certain with our thoughts and more information, we see better trading results, and that is a trend. Which will see continuing. That's simply a trend of the maths and the big numbers, and we are very satisfied to see those impacts.

雖然總是存在著由結果驅動的邊際改進，並且很難弄清楚現在有多少是從結果角度來看的，有多少是從演算法來看的，但從趨勢來看，有一件事是肯定的，隨著我們的想法和更多資訊的增加，我們會看到更好的交易結果，這就是一種趨勢。這將會持續下去。這只是數學和大數字的趨勢，我們很高興看到這些影響。

Samuel Nielsen, JP Morgan.

摩根大通的塞繆爾·尼爾森。

Hey morning everyone. Congrats on the quarter and thanks for taking my question. Carsten, when we think about the international TAM, obviously under the current footprint it continues to grow quite nicely, but wondering if there's any potential new markets, we should be keeping an eye out our eye out for legalization over the next six to 12 months.

大家早安。恭喜本季取得佳績，感謝您回答我的問題。卡斯滕，當我們考慮國際 TAM 時，顯然在當前的足跡下它會繼續很好地增長，但想知道是否有任何潛在的新市場，我們應該密切關注未來 6 到 12 個月的合法化情況。

And then you kind of talked about Brazil a little bit earlier in the Q&A. Is there any way to quantify kind of the impact that it may have had on this year's expectations?

然後您在問答環節早些時候談到了巴西。有什麼方法可以量化它對今年的預期可能產生的影響嗎？

Well, at first, Brazil is continuing to grow. We believe it's at the moment on all EUR2 billion over and it goes probably to EUR5 million (inaudible), maybe a EUR6 billion in the next four years. So that's a strong growth profile, and we are the biggest player in this market and an early adopter. So we see continuous growth, and I give you a bit of size of the numbers from a [10].

首先，巴西正在持續成長。我們認為，目前的投資金額已超過 20 億歐元，未來四年內可能達到 500 萬歐元（聽不清楚），甚至可能是 60 億歐元。所以這是一個強勁的成長前景，我們是這個市場的最大參與者和早期採用者。因此，我們看到了持續的成長，我為你提供了一些數據。[10]。

What we see in APEC is very interesting. We continue to be a strong promoter for Japan. We are very happy with Major League Baseball and the rights there. We believe that this might be a key element for any upcoming regulation. We see some nice developments in India. We see some nice developments in Thailand.

我們在亞太經合組織看到的情況非常有趣。我們將繼續大力推動日本的發展。我們對美國職棒大聯盟及其版權感到非常滿意。我們相信這可能是任何即將出台的法規的關鍵要素。我們看到印度取得了一些良好的發展。我們看到泰國出現了一些不錯的發展。

Thailand probably most progressive in this perspective, but we see growth opportunities in those markets. Of course we see growth opportunities around the globe looking to Europe. We are ramping up now for the World Cup in the next year. Usually that's a good period. You see more clients coming in. You see more activities.

從這個角度來看，泰國可能是最先進的，但我們也看到了這些市場的成長機會。當然，我們看到全球各地都存在著以歐洲為重點的成長機會。我們正在為明年的世界盃做準備。通常這是一個好時期。您會看到越來越多的客戶湧入。您會看到更多活動。

Got it. That's great, thank you. And then in terms of US revenue, obviously it maintained its strong growth from the first quarter there, wondering if there's anything in the back half of '24 that we should be thinking about you guys' lapping going into the second half of this year and kind of our modelling there.

知道了。太好了，謝謝。然後就美國收入而言，顯然它從第一季開始就保持了強勁增長，想知道 24 年下半年是否有任何值得我們考慮的事情，以便你們在今年下半年進行改進，並在那裡進行建模。

Now, thanks for the question, Sam. When you look at the year on year from '25 versus '24, the results are pretty much apples to apples for the course of the year. We had the addition of our Major League Baseball deal which started towards the tail end of the first quarter and it's kind of rolling through the rest of the year. But we had Major League Baseball previously, so there's a little bit of higher cost, from that perspective for this year, nothing significant, but something to point out. So overall when you're looking at growth in Q3 and growth in Q4, it should be very much on an apples to apples.

現在，謝謝你的提問，山姆。當你將 25 年與 24 年進行比較時，你會發現全年的結果幾乎是一致的。我們與美國職棒大聯盟的合約在第一季末開始生效，並將持續到今年剩餘時間。但我們之前有過美國職棒大聯盟，所以今年的成本會稍微高一些，從這個角度來看，雖然沒有什麼重大影響，但還是值得指出。因此，總體而言，當您比較第三季和第四季的成長時，它們應該是非常相似的。

Ben Miller, Goldman Sachs.

高盛的班·米勒。

Great, thanks so much for taking the questions. I'm curious if you could provide some updates on the path from here for the foresight product. Just any color on how you think about the mix of growth from increasing the penetration of sports books that have adopted or percent of matches that can be streamed via foresight over time would be helpful. Thanks.

太好了，非常感謝您回答這些問題。我很好奇您是否可以提供一些關於遠見產品從這裡開始的更新資訊。只要您思考如何透過增加已採用的體育博彩的滲透率或透過預見性隨著時間的推移可以串流的比賽百分比來實現增長，任何細節都會有所幫助。謝謝。

But foresight is a stimulation product. What it should do is it should drive traffic into the live betting, and we see with the automatic go bed study that this is excellent. So it's working very well. Strong conversions, strong drives into life betting. That is the purpose of the product, so user engagement. We rolled out the product now in basketball. We will roll it out for Major League Baseball very soon.

但預見是一種刺激產品。它應該做的是將流量引入現場投注，我們透過自動上床研究看到，這是非常好的。所以它運行得很好。強烈的轉變，強烈的動力，投入生活賭博。這就是產品的目的，即使用者參與。我們現在在籃球領域推出了該產品。我們很快就會在美國職棒大聯盟推出此功能。

We developed it for soccer like we highlighted, and of course we rolled it out. All our tennis properties. So these are the most important betting sports for us, and foresight is now present there. We see strong client adaptation reflected also in our trading numbers. So that's what we can say to it. Connecting this now with the micro market and with other products like MET is the clear strategy in this sector.

正如我們所強調的那樣，我們為足球開發了它，當然我們也推出了它。我們所有的網球設施。因此，這些對我們來說是最重要的博彩體育項目，並且現在已經具備了預見性。我們看到客戶的強烈適應性也反映在我們的交易數據上。這就是我們可以說的。現在將其與微型市場以及 MET 等其他產品聯繫起來是該領域的明確策略。

Great. And then just as a follow up, you talked a lot about the opportunity to drive take rate through attached rates of higher margin products and services. I'm curious though how you think about the opportunity for like for like pricing power in products and services offered from here and just how you think about that algorithm between the two.

偉大的。然後作為後續問題，您談了很多透過高利潤產品和服務的附加費率來推動接受率的機會。不過，我很好奇，您如何看待這裡提供的產品和服務的同類定價權的機會，以及您如何看待兩者之間的演算法。

I think when you look at the pricing algorithm that we have been, you have to look at it really versus domestic -- or I should say, the US versus international. In the international market, the majority of our contracts are fixed fee, aside from our MTS contracts. And with those contracts, we have natural escalators built into those contracts.

我認為，當你查看我們一直以來的定價演算法時，你必須將其與國內進行比較——或者我應該說，美國與國際進行比較。在國際市場上，除了 MTS 合約外，我們的大多數合約都是固定費用。有了這些合同，我們就可以在合約中建立自然的升級機制。

And every time those contracts come up, which is an average of three years or so, we look to renegotiate it. And we do have some pricing power depending on the value that we've added to our clients, and we've seen them want to collaborate with us and continue to take more products, but also be willing to pay higher prices if we're delivering real value. And you do see the same thing here in the US In the US, where the contracts are predominantly variable contracts. We obviously grow with our clients as they grow.

每次合約到期時（平均三年左右），我們都會重新進行談判。根據我們為客戶創造的價值，我們確實擁有一定的定價權，而且我們看到他們希望與我們合作並繼續購買更多產品，但如果我們提供真正的價值，他們也願意支付更高的價格。在美國你也能看到同樣的情況，美國的合約主要是可變合約。顯然，隨著客戶的成長，我們也隨之成長。

But as we continue to deliver value through our products and we come up. And those contracts come up, we have the ability to negotiate higher prices. The good thing for us is with some of our larger clients, those contracts actually run for a significant period of time here moving forward. And when we look to kind of elaborate and expand those contracts, we're talking about more products and services and more value that we can add to those customers. So it's been a good relationship, both domestically and internationally.

但隨著我們不斷透過我們的產品提供價值，我們就會不斷進步。當這些合約簽訂後，我們就有能力協商更高的價格。對我們來說，好消息是，我們與一些較大的客戶簽訂的合約實際上將在相當長的時間內持續有效。當我們尋求制定和擴大這些合約時，我們談論的是可以為這些客戶增加更多的產品和服務以及更多的價值。因此，無論在國內或國際上，我們都保持著良好的關係。

Jason Bazinet, Citi.

花旗銀行的 Jason Bazinet。

You guys obviously have a lot of vectors that are helping your top line, the GGR growth, upselling, meaning a deeper content portfolio cross-selling and then moving up to the value chain like MTS. Just in simple terms, if you looked at what contributed to your growth over the last few years relative to what you think will unfold over the next few years, do you see a big shift in the underlying drivers of your growth in those four buckets, GGR growth, upsell, cross-sell and moving up the value chain.

你們顯然有很多載體可以幫助你們的營收、GGR 成長、追加銷售，這意味著更深層的內容組合交叉銷售，然後上升到像 MTS 這樣的價值鏈。簡單來說，如果您對比一下過去幾年對您成長的貢獻以及未來幾年將會發生的變化，您是否會看到在博彩總收入增長、追加銷售、交叉銷售和提升價值鏈這四個方面推動您增長的潛在動力發生重大轉變。

No. We see that we have a strong growing global market in average, roughly around about 10% over the whole world. And we see us in a pretty strong position because we have the biggest distribution. We are connected to 900 players in the sports betting gaming space and to more than 2,000 media companies. So we don't see any change here.

不。我們看到，全球市場平均成長強勁，全球成長率約 10% 左右。我們認為我們處於相當有利的地位，因為我們擁有最大的分銷管道。我們與體育博彩遊戲領域的 900 名玩家和 2,000 多家媒體公司建立了聯繫。所以我們在這裡看不到任何變化。

And our situation is that we believe with the breadth and depth of our content portfolio and the products, we can outperform the underlying market growth. we see nice opportunities looking now into a direction of connection with media and sports and sports betting, and we develop a platform for this.

我們的情況是，我們相信，憑藉我們內容組合和產品的廣度和深度，我們可以超越潛在的市場成長。我們現在看到了與媒體、體育和體育博彩聯繫的良好機會，我們為此開發了一個平台。

So we think that this is something which will generate some significant uplift opportunities connection with iGaming, we mentioned and discussed here and the take rate and the cross-selling and upselling is something which we demonstrated, for example, very successful with the trading services. And if you put our AI around it and every company in the world needs to care about is every technology business, then you have a winning proposition. So we feel pretty strong around those four gross business in the strategy.

因此，我們認為這將為 iGaming 帶來一些重大的提升機會，我們在這裡提到和討論過，並且我們已經證明了佣金率以及交叉銷售和追加銷售在交易服務方面非常成功。如果你將我們的人工智慧融入其中，而世界上的每家公司都需要關心每項技術業務，那麼你就擁有了一個成功的主張。因此，我們對策略中的這四大業務感到非常強勁。

We want to thank everyone for joining us for our second quarter earnings call. I'll turn it back over to the operator.

我們要感謝大家參加我們的第二季財報電話會議。我會將其交還給操作員。

This concludes the question-and-answer session. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

問答環節到此結束。感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。